Insurance employees cooperative credit union

November 1, 2018 By Jennifer Rachel Baumer Leave a Comment Nevada Financial Institutions Division (NFID). They’re also the largest state-chartered, locally owned financial institutions in the state, according to Matt Kershaw, CEO, Clark County Credit Union. Credit unions offer a full suite of products for consumer and business customers, may work in construction lending and offer services from commercial loans to bill pay and payroll services. The differences between credit unions and banks represent choice for business owners deciding on a financial institution. Credit Union or Bank: What’s the Difference? The biggest difference between credit unions and banks is structure. Traditional banks are for-profit entities whose shareholders are investors who have bought shares. Banks typically can raise capital through the capital market. Credit unions, which originated in Europe in the mid-1800s, are member-owned non-profit organizations. Every member is a shareholder, and … [Read more...] about The Business of Credit Unions: The “Own-Your-Own” Financing Institution

Minnesota credit unions joined forces to spread kindness in communities across the state on Monday, Oct. 8. /EIN News/ -- MAPLE GROVE, Minn., Oct. 16, 2018 (GLOBE NEWSWIRE) -- TopLine Federal Credit Union was one of the 49 credit unions and partners across the state of Minnesota who participated in an orchestrated day to spread kindness in communities and encourage others to do the same, last week on Columbus Day, Monday, October 8. TopLine has been participating in this collaborative credit union event since 2016, referred to as “CU Forward Day,” which is coordinated by the Minnesota Credit Union Network (MnCUN), the state trade association for Minnesota’s credit unions. #cuforwardday TopLine employees volunteered at local non-profit partners, Community Emergency Assistance Programs (CEAP), Junior Achievement of The Upper Midwest and Keystone Community Services. Volunteers made a positive impact in the communities that TopLine serves by providing … [Read more...] about TopLine Federal Credit Union Participates in Statewide Day of Kindness

The CEO of New York’s oldest credit union was arrested Tuesday in a fraud and embezzlement scheme that netted him millions of dollars, including $3.55 million he spent on New York Lottery tickets, federal prosecutors said. Kam Wong, 62, of Valley Stream, used “hundreds of thousands of sham expense reimbursements” to steal money from the nonprofit credit union’s earnings that was “intended to reward the credit union’s members, not line Wong’s pockets,” U.S. Attorney for the Southern District Geoffrey S. Berman said in a statement. Wong is on leave from his position as CEO and president of the Municipal Credit Union of New York, according to the credit union. Authorities said the credit union has $2.4 billion in member assets and provides bank services to more than 425,000 members, including municipal, state and federal employees in New York City. Wong was released on a $1 million bail, secured by his Valley Stream home, after his … [Read more...] about Feds: Credit Union CEO embezzled, spent $3.5M on lottery tickets

Board represents interest of credit unions of all sizes from around Minnesota /EIN News/ -- MAPLE GROVE, Minn., April 26, 2018 (GLOBE NEWSWIRE) -- Twin Cities member-owned cooperative TopLine Federal Credit Union president and CEO Tom Smith was elected as an at-large board member to the Minnesota Credit Union Network’s (MnCUN) Board of Directors, at the MnCUN annual conference April 5. The Minnesota Credit Union Network (MnCUN) is the state trade association for Minnesota’s credit unions. The Network, working in conjunction with the Credit Union National Association (CUNA), works to ensure the success, growth and vitality of its member credit unions by creating a positive public environment through leadership, political advocacy, education, awareness and regulatory assistance. The Network works on behalf of nearly 400 credit union locations that serve over 1.7 million members. MnCUN’s Board of Directors works together with its … [Read more...] about TopLine Federal Credit Union CEO Tom Smith Elected to Minnesota Credit Union Network Board of Directors